"The situation on the commodity market is getting worse and
there are reasons to presume the possibility of testing our
mining assets for value loss," KGHM's Chief Financial Officer
Jaroslaw Romanowski said.

"We see 2016 as a turnaround year, but we presume that this
crisis may continue into next year," he added. "Our capital
expenditures will surely go down or be postponed."

Worries over growth in China, which consumes half of global
copper production, have pushed copper prices below
$5,000 a tonne, seen as a stress-test level for KGHM.

State-run KGHM, also the world's top silver producer, said a
21 percent surge in the dollar against the Polish zloty helped
limit the effect of an 18 percent fall in copper prices in the
first nine months of 2015. But its net profit for the period
dropped 31 percent to 1.23 billion zlotys ($312.1 million).

The group gained control of the Sierra Gorda facility in
2011 when it bought Canada's Quadra FNX, for C$2.87 billion
($2.16 billion), inking the largest ever foreign acquisition by
a Polish company.
Continued...